UBS Global Financial Services Conference

Diversity - by Geography Income Growth in Local Currency 2004 2003 Change UK (Em) 17,519 15,099 +16% Ireland (€m) 1,040 749 +39% Continental Europe (€m) 1,242 801 +55% United States ($m) 6,362 4,713 +35% Rest of World ($m) 392 373 +5% Total income adjusted for currency impact +20% Slide 8

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